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What is Professional Indemnity Insurance?

All companies giving advice to their clients need to consider professional indemnity insurance (PII) to protect their businesses in the event of a claim.

For the traditional professions such as architects, surveyors, solicitors, accountants, independent financial advisers, insurance brokers, stock brokers etc., professional indemnity insurance is compulsory. The various governing bodies, such as Architects Registration Board (ARB), the Royal Institute of Chartered Surveyors (RICS) and the Financial Conduct Authority (FCA), lay down strict guidelines, which their professional indemnity insurance policy wording must cover.

In recent years however, there has been a steady increase in other professions requiring professional indemnity insurance covers such as IT and computer related business, telecommunications, claims managers, management consultants, recruitment consultants, marketing consultants, estate agents, energy assessors, expert witnesses, graphic designers and many more.

The PI insurance policy reacts to defend you from a claim made against you by your client, for example, if the client was unhappy with your advice, which they consider had caused them a loss, they may well appoint a solicitor to request a payment back from you for those losses. Your insurer would appoint a claims handler or a solicitor directly to defend your position in these matters, after all you may not be to blame for that client's losses at all.

If you need any further information, take a look around this website or alternatively get in touch with a qualified insurance broker by telephone on 01323 648000, by e-mail on info@peaeye.co.uk or by direct link to a qualified broker using our unique LiveBroker system, where you can actually see and speak to our brokers live over the internet. Click here to launch LiveBroker.

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